Line Of Credit
How to Secure A Line of Credit When You Need Cash [K] [i] [n]
D.P. Brown (Kindle Edition) Learning Life eBooks 2010-05-19
Release date: 2010-05-19
Price:
$6.97
Answers
I don't need the credit line really just want to know if keeping it open is bad or good for my credit.
It could be either, but probably good depending on the length of your credit history. If it's an old account that helps your credit. Also your ratio of credit balances to credit limits will increase if you close it, which could increase your score.
Simple example of borrowing from equity to fuel consumption
my credit is bad and a loan would really help. i would like to pay off somethings and consolidate the rest, what can i do? Why can't the equity in my home speak for itself, i've never refinanced?
A couple of years ago, the equity in your home would've been good enough, but not today. Since no investors want to go near real estate these days, and with homes falling in value daily, the "equity" in a home is relatively unknown. There are millions of people bailing on their mortgages and the lenders are stuck with the houses. They don't want to own houses.
I sold my house last fall. I had it on the market for about 7 months. I was still able to afford it, but I was sick of feeling "house poor" as I wasn't really able to save money, and wasn't able to put enough money aside for future repairs (which is essential if you own a home because things will always go wrong). Selling it was the best thing I've ever done. I'm renting a house of similar size in a nice neighborhood, and it's costing me $1000 less each month than the house I owned! And I bought my house before the bubble.
Today, frankly, your options are limited. An equity loan might be a good deal if you can get it and the interest rate is less than you're already paying. However, if you're already in debt, I can't imagine that an equity loan would help your situation. Worse, if you're not able to pay that loan, you can lose the house, and since you bought it in 1998, you should have a lot of equity in it. Have you considered selling it? I know that the market is not great, but in my area, I've noticed houses selling in about a month. And not owning a house has been a tremendous relief for me. If the roof leaks, I don't have to worry about paying for it! Also, it's better to be in control than have the bank in control. Home ownership is WAY overrated. The mortgage interest these days alone is more than rent, and then there's insurance and taxes on top of that. It's a really bad deal.
Good if you dont blow it on something stupid. Good if you want to use it to get out of debt. Bad if you buy material things that dont offer a return on investment.
I took one out on my home to pay off my credit cards, and I made sure to pay it off as soon as I was able. I just sold my condo and as a result, took away a nice profit because I didn't owe anythign on my HELOC.
household income is around 130k. we have a mortgage loan of 280,000. our HELOC interest rates is the PRIME RATE plus 3/8ths.
we got this home equity line of credit with Countrywide Financial. Our mortgage is with JP Morgan Chase. I'm wondering if I could have done better on the HELOC by going straight to JP Morgan Chase for the HELOC and possibly might have avoided the $500 closing fee? Is this a bad deal I have with Countrywide? Do others know if Countrywide is competitive. I should have compared more before I got the loan. Does Countrywide loan to risky customers and therefore expect a higher interest rate from all its customers?
you definitely should have done research before going into any loan with any bank. Most banks are prime- 0.50% and you probably should have looked around for one that didn't charge closing fees.....the good news is, do your research now, wait a few months and pay off this one with a more competitive offer.
My wife and I are both own our house are are listed on the title, but she has bad credit. Can I apply for a HELOC myself so that we get approved and/or get a better rate?
Yes, you can apply alone. Only your credit will be consider, but also only your income. If that's ok, go ahead. The spouse will still have to sign the disclosures, the mortgage or warranty deed to acknowledge she's aware that property she has some kind of right in is being used as collateral, and the right to cancel.
Bluetooth - A Hot Report: Bad credit and debt problems
Bad credit debt has lower interest rates than what you pay at the beginning. That is what we should concentrate on catching moments of bad credit debt consolidation. The most common type of bad credit debt consolidation is the home equity loan. This is also known as second mortgages. These loans are backed an obligation attached to it in terms of its home. Therefore, serious thought and consideration as to ensure the bad debt home loans. Bad debt unsecured loans are also possible. This would require some patience on your part. Unsecured loans have no security therefore will seek to raise interest rates as compensation. Be prepared to get out of debt . This will mean also responsibility with poor...
News
Bad Credit Mortgage Refinance – Low Interest Rates Over in January 2010?Subprime Blogger (blog) - Dec 30, 2009
MonitorBankRates.comIf you have truly bad credit and little equity in your home then refinancing might not be an option for you. If you do have equity in your home and your Bad Credit Home Loans – Refinance in Las Vegas, Nevada in 2010Bad Credit Mortgage Refinance – Low or Bad Credit Score RefinancingObama Refinance Plan – Save on Low Mortgage Rates Today -all 103 news articles »
Chicago Sun-Times - Dec 29, 2009
He planned to pay for the project with his $200000 home equity line of credit, which he took out in January 2007 when his house was valued at $750000. and more »USA Today - Dec 29, 2009
Texas' now-strong banks hold lessons for rest of USNow, total mortgage debt — including home-equity loans — cannot exceed 80% of a home's value when the loans are made, and Texas homeowners cannot take out and more »Bankrate.com - Dec 29, 2009
In contrast, borrowers with bad credit and low equity may get slapped with extra closing fees. If you borrow more than 80 percent of the value of the home,UPI.com - Dec 30, 2009
That tag line, frequently seen alongside the Standard & Poor's/Case-Shiller home price index is doubly critical these days in an economy rocked hard by a and more »
TMCnet - Dec 30, 2009
The robust economy and rising housing prices gave homeowners new wealth, enabling them to tap home equity for big spending on home renovations, and more »Earthtimes (press release) - Dec 23, 2009
If one has prepayment penalty issues, one can opt for home equity loan or use a line of credit for paying off the other debts. • If a person does not own an and more »